Which is better? A 'slow burn crisis' or a crash?

The Australian Financial Review with a piece on the global economy.

It says US and Europe economies are resilient despite a slowing China

Quoting Barclays:

• "We expect a slow-burn emerging market crisis rather than a 90s-style crash. While the shock to global GDP is potentially large, certainly larger than in 1998, the impact on the US and Europe looks manageable. Direct trade and financial links are still fairly modest, while lower oil/import prices should provide crucial support to consumers."

More at the article, which appears to be ungated.

What a gloomy day.